May Corporation Had 37,000 Shares of $17 Par Value Common

Multiple Choice

May Corporation had 37,000 shares of $17 par value common stock outstanding with a market value of $30 per share. Gino announced a three-for-one stock split. After the split, the par value of the stock: (Round your answer to the nearest cent.)

A) remained the same as before the split.
B) was increased by $34.00 per share.
C) was reduced to $5.67 per share.
D) was reduced to $8.50 per share.